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Sep.24 - Sep 24 Eight Basic Ways to Gain Competitive...

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Sep. 24 Eight Basic Ways to Gain Competitive Advantage 1. Reduce costs 2. Raise barriers to market entrants 3. Establish high switching cost 4. Create new products or services 5. Differentiate products or services 6. Enhance products or services 7. Establish alliances 8. Lock in suppliers or buyers Initiative #1: Reduce Costs Lower costs results in lower price Bigger Market Share Implement automation to become more productive The Web has made this possible for many Initiative #2: Raise Barriers to Market Entrants Patenting Initiative #3: Establish High Switching Costs Explicit Switching Costs
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Initiative #4: Create New Products or Services Lasts only until competition offers an identical or similar product or service for a comparable or lower price Mr. Wakeup By scheduling informative phone calls or “Pings” for yourself or for others, you can start your day with the latest news, weather, horoscope or custom information you record yourself thru Mr.
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